HD Hyundai recorded strong performance last year, driven by improvements in the shipbuilding and power equipment subsidiaries.

On the 6th, HD Hyundai announced its annual results, reporting consolidated revenue of 67.7656 trillion KRW and operating profit of 2.9832 trillion KRW. This marks a 10.5% increase in revenue and a 46.8% increase in operating profit compared to the previous year.

This strong performance was largely due to significant improvements in the shipbuilding and marine sectors, along with the continued strong performance of the power equipment division.

Looking at the major business segments, HD Korea Shipbuilding & Offshore, in the shipbuilding and marine sector, led the performance improvement with a 19.9% increase in revenue, reaching 25.5386 trillion KRW. This growth was driven by an increase in orders for high-value-added eco-friendly ships and improved production efficiency. Operating profit also surged by 408% compared to the previous year, totaling 1.4341 trillion KRW, thanks to a selective order strategy focused on profitability.

HD Hyundai Heavy Industries, a subsidiary of HD Korea Shipbuilding & Offshore, recorded revenue of 14.4865 trillion KRW and operating profit of 705.2 billion KRW. HD Hyundai Samho and HD Hyundai Mipo also posted strong results, with revenues of 7.0031 trillion KRW and 4.63 trillion KRW, respectively, and operating profits of 723.6 billion KRW and 88.5 billion KRW.

HD Hyundai Marine Solutions recorded revenue of 1.7455 trillion KRW, a 22% increase compared to the previous year, driven by strong orders in its core ship parts service business (AM) and expansion in digital control businesses such as smart ship operation management and automation solutions. Operating profit also grew by 34.8% to reach 271.7 billion KRW.

HD Hyundai Marine Engine, which was newly integrated into the group last year, saw significant success with its strategy of expanding eco-friendly engine products. The company recorded revenue and operating profit of 315.8 billion KRW and 33.2 billion KRW, respectively, marking increases of 28.9% and 85.5% compared to the previous year.

In the construction machinery segment, HD Hyundai Site Solutions saw a decline in both revenue and operating profit, recording 7.7731 trillion KRW and 432.4 billion KRW, respectively. This represents a decrease of 11.1% in revenue and 40.3% in operating profit due to the exceptional boom caused by infrastructure investments in major countries in 2023, as well as the impact of the global economic downturn.

In the energy segment, HD Hyundai Oilbank achieved revenue of 30.4686 trillion KRW, a 8.4% increase compared to the previous year, thanks to the expansion of eco-friendly fuel supply and plant operation efficiency improvements. However, operating profit dropped by 58.2%, totaling 258 billion KRW.

HD Hyundai Electric recorded revenue of 3.3223 trillion KRW and operating profit of 669 billion KRW, driven by increased demand for power equipment due to the expansion of global data centers and the spread of artificial intelligence (AI) technologies. The company also benefited from a selective order strategy that improved profitability. HD Hyundai Electric plans to continue its strong performance by expanding its production capacity for 765kV ultra-high voltage transformers through the construction of new factories, including one on existing sites in Ulsan and a second factory at its Alabama branch in the U.S.

A spokesperson from HD Hyundai stated, "Given the increasing external uncertainties, we will focus on a profitability-oriented strategy across all business areas this year based on a stable business portfolio. With strong performance continuing in the shipbuilding and power equipment sectors, we will maintain our growth momentum through the development of eco-friendly technologies and maximizing production efficiency."

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